Intel is going to end the year with a workforce that is over a fifth smaller than last year, it said on Thursday, and new CEO Lip Bu Tan presented a blueprint for a more cost-disciplined, streamlined chipmaker that would issue "no more blank checks.

The layoffs, which were one of new CEO Lip-Bu Tan's first big moves since he took over in March, are meant to make things run more smoothly and cut expenses. Intel lost $2.9 billion in the second quarter,

The chipmaker plans to reduce headcount from 96,400 to 75,000 employees amid restructuring and steeper Q3 losses.